Pound Sterling skates on thin ice near 1.2800 with focus on US NFP
The Pound Sterling (GBP) consolidates in a tight range near 1.2800 against the US Dollar (USD) in Friday’s London session. The GBP/USD pair struggles for a direction as investors await the United States (US) Nonfarm Payrolls (NFP) report for May, which will provide new clues about the health of the country’s labor market.
The employment report is expected to show that employers added 185K payrolls, higher than the 175K jobs added in April. The Unemployment Rate is estimated to have remained steady at 3.9%. Investors will also pay attention to the Average Hourly Earnings data, which gauges wage growth momentum. Annual Average Hourly Earnings are forecasted to have grown steadily by 3.9%. On a monthly basis, wage growth is estimated to have risen at a higher pace of 0.3% from the former 0.2% increase. Read more...
GBP/USD Forecast: Pound Sterling faces stiff resistance at 1.2800 ahead of US NFP
GBP/USD failed to make a decisive move in either direction and closed the day virtually unchanged on Thursday. The pair continues to fluctuate in a narrow channel slightly below 1.2800 early Friday as investors stay on the sidelines while waiting for the May jobs report from the US.
The US Dollar (USD) struggled to find demand on Thursday but the cautious market stance helped it limit its losses, not allowing GBP/USD to gather bullish momentum. Early Friday, US stock index futures trade little changed, reflecting a neutral risk mood. Read more...
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